INDIANAPOLIS — Rent has been sky-high for at least a year now, especially in the Indianapolis metro area.
But as the saying goes, what goes up must come down, right?
In order to answer that, experts said you have to understand why Indy has seen the highest rent increase in the country.
"Looking from freshman year to now, the prices are like $500 more," IUPUI student Dayton Poe said. He lives near the downtown campus but said a recent rent spike is part of the reason he's now looking for a new place to live.
Isabella Young, who also lives and works downtown, feared she'd have to do the same.
"We were ready to skedaddle because we were hearing from everyone else that their rent increased like $300," Young said.
It's a struggle that's not unique to downtown Indianapolis.
"The biggest problem driving all this is we have a real housing shortage. We have not built enough since the Great Recession," said Sara Coers, associate director at the IU Center for Real Estate Studies.
That's all across the country. However, many Indianapolis renters have experienced price hikes like no other city.
"Indianapolis has actually been in the top 10 in the nation the last several months for rent growth," Coers said. "It's because we're one of the most undersupplied markets and the furthest behind in terms of catching up with the market in terms of rent."
So why has rent in the Indy metro area seen a spike of up to $400, or 30%, according to a recent report by House Canary?
When you notice your rent being raised to "market rate," "big picture is that we are sort of catching up with the nation," Coers said. "But that doesn't help the individual renter, right? So the only thing that they can do is move."
"It's very stressful having to search for a new apartment, especially when you're established in a certain area," Young said.
As Indianapolis is playing catch-up, with a need for more affordable housing, renters are left to pay up. The effects of inflation are lingering, but easing a bit, but your rent probably won't go down.
"Rental rates are going to be growing at a much slower pace, like we saw pre-pandemic," Coers said.